Cardano is becoming increasingly popular for a lot of things. Being the number one "Ethereum killer" is one of these things, but could a radically unique project make it even bigger than Ethereum?
At first glance, Blockademia is an innovative startup working towards digitizing and securing key documents via the scalable and extensive blockchain platform Cardano.
While Ethereum 2.0 may launch in some months’ time, we could be seeing an easier and meaningful integration from Ethereum to Cardano before then.
For one, Ethereum’s CEO Vitalik Buterin says that Ethereum 2.0 promises a lot of positives and improvements, one of which is an increased transaction capacity of 100,000 TPS. But there’s no telling how feasible this is, especially since, in reality, Cardano currently handles 257 TPS.
Meanwhile, this is miles above what Ethereum currently manages, making it even faster than the novel Bitcoin in facilitating peer-to-peer transactions. Bringing in a unique project such as Blockademia is bound to make things more interesting.
Let’s find out if a project such as Blockademia can spell big things for Cardano, making it even bigger and more preferable than Ethereum.
Why is Cardano Remarkably Regarded as the Number One Ethereum Killer?
Cardano and Ethereum are blockchain platforms created to serve as decentralized application platforms, distinguishing them from first-generation cryptos like Bitcoin.
Bitcoin merely functions like a store of value and a medium of exchange. Cardano is considered a third-generation cryptocurrency with the scalability of its proof-of-stake and safety top features.
"Ethereum killer" is a term and concept that has gotten largely popular in the crypto space and on media platforms in recent times.
Despite being a term that spells misfortune for a second-generation cryptocurrency like Ethereum, many retail investors aren't fazed by the concept of the Ethereum killer.
For one, this is because Ethereum has managed to stay ahead of dApps while remaining the home network for almost all projects that want to build blockchain apps, at least until Cardano’s coming.
Aside from the competition from Cardano or Solana, Ethereum is facing its ageless problems regarding scaling. Ethereum's fortunes took a nosedive when DeFi began taking the central stage, exposing some of the network's scalability issues.
Cardano is the answer to the cryptocurrency world's scalability, interoperability and sustainability questions which explain why integrating Ethereum to Cardano is a hot topic.
Cardano Has Positioned Itself as an Alternative to Ethereum
The proof-of-work (PoW) consensus ensures that Ethereum attaches a physical value to its transactional system with its native currency, Ether, worth an amount of computing power.
However, Cardano utilizes a proof-of-stake (PoS) consensus (Ouroboros), and its system replaces miners with validators. Cardano has positioned itself to be a suitable alternative to Ethereum and the fact that its PoS mining requires relatively less energy than PoW speaks volumes.
Proof-of-work miners work with more resources and do more work to mine blocks. But Cardano only requires a small number of holders online to maintain solid network connectivity. In effect, this means transactions get validated much faster and cheaply.
Meanwhile, scalability, sustainability and interoperability on Ethereum and its proof-of-work are limited by the difficulties of high energy use, rising costs and slow transaction times.
However, Ethereum 2.0 hopes to move Ethereum’s network from a PoW to PoS consensus. While this may do Ethereum some good, it still has a long way to go if it must catch up to Cardano, which remains the first-mover.
Integration from Ethereum to Cardano
Users migrate all the time, but Ethereum's exorbitant gas fees may just be one of the reasons why investors look for better smart contract platforms. Platforms like Cardano offer faster transaction rates and cheaper fees than Ethereum, and they keep improving their performances via functional smart contracts.
Meanwhile, with NFTs and DeFi’s successes, several startups prefer to use layer-2 solutions (L2s) or leave Eth for other networks. What’s more, they could also become multi-chain while allowing users to leverage on low fees and fast processing times of some other blockchains.
In all, scalability is one of the biggest challenges in the blockchain space. Networks or blockchains find it hard or even impossible to scale without compromising decentralization and security.
With Cardano, however, users are treated with a 3-pillar principle of interoperability, sustainability and scalability.
These are critical and crucial in helping Cardano efficiently run real-world mission-critical decentralized apps, helping the network attract a large community and user base in the process.
More so, Blockademia, arguably the world’s first proof-of-truth, has the potential to help the Cardano network get ahead even more.
What Blockademia and its Proof of Academia Protocol Can Offer the Cardano Space
The first and most important thing about Blockademia is that it is a decentralized information system poised to revolutionize the meaning of authenticity.
It helps users check authentic certificates, issued diplomas, state documents, source codes, contracts, insurance policies and video and audio files.
Some of the perks to Cardano, such as immutable, public blockchain entries, and the exactness of the date and time of entries, gives Blockademia some advantage.
For one, these features promote more permanence and greater immutability of authenticity checks and entries that contain document metadata. Here are some features to expect from Blockademia:
- Web interface, rest API access.
- Mobile app.
- No limit users, single user and multi-user.
- The absence or presence of a document management system (DMS).
No doubt, a unique project like Blockademia that works towards protecting users from forgery is on track to make Cardano even bigger than Ethereum.
Its primary aim of verifying the authenticity of documents that educational institutions, cities, counties, pharmaceutical companies issue makes Blockademia an exciting project with huge potential. One can summarize the highlights of the Blockademia system as follows:
- A Blockademia utility token that acts as a fuel for running the Blockademia system.
- Cardano blockchain entries to ensure immutability.
- Web interface as well as a mobile app for checking or issuing the relevant documents.
- A decentralized system for solid credibility rating of issuing entities.
Being a project with real-case use, it’s certain that Blockademia and similar projects are what Cardano needs to push its stake as high as Ethereum, if not higher.
While both platforms are used for similar applications like smart contracts and aim to build a decentralized and connected system, Ethereum and Cardano differ significantly.
Ethereum’s PoS consensus involves a network of miners that compute complex calculations to ensure the blockchain keeps running smoothly.
Meanwhile, Blockademia is a proof-of-truth project and is leading the blockchain adoption in documents verification and authentication.